IFRS 11 Joint Arrangements

International Financial Reporting Standard 11

Overview of IFRS 11

  • Issued: in 2011; followed by amendments
  • Effective date: 1 January 2013
  • What it does:
    • It sets principles for reporting of joint arrangements – arrangements of which two or more parties have joint control.
    • It explains characteristics of joint control:
      1. The parties are bound by a contractual arrangement;
      2. The contractual arrangement gives two or more of those parties joint control of the arrangement.
    • IFRS 11 classifies joint arrangements into 2 categories:
      1. Joint operation; and
      2. Joint venture.
    • It prescribes how each of these forms shall be recognized and reported in the financial statements of parties to a joint arrangement.

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